end of each month. Finding the best mortgage deal can be time- consuming and a bit tricky/complication, because mortgage rates change frequently — even from one day to the next, the rate can vary sign ifi cantly, and sometimes, depending on the market and bank rates, mortgage rates can even change several times in one day. Th is is why it’s prudent for you to go into this process carefully, so you can fin d the right rate at the right time, and then lock it in, in order to get your best deal. You can fin d home loans through mortgage brokers, banks, and companies that specialize in mortgage lending, or o ff er loans as part of their services. Note: Something important to keep in mind is that even if you receive approval for a home loan that you know deep down isn’t a ff ordable in the long run, you don’t have to accept it. Getting pre- approved for just any home loan actually isn’t the end goal; fin ding the best mortgage deal for you and your situation is! Some lenders can “trick” you into thinking you can a ff ord more than you really can, and then o ff er you a loan that in the end, you can’t pay back. What a lender claims you can a ff ord and what you actually can a ff ord aren’t necessarily the same thing. Th is is another reason that you need to take your time and shop around for the best deal, and fin d something a ff ordable that you can live with for years. Part of this involves ensuring you have an accurate budget and saving up ahead of time for a down payment, etc., and part of this involves taking the time to shop around. HIRE A PROFESSIONAL You might assume that you need to shop around for a home loan — and the best home loan — on your own, which can feel overwhelming at best, and impossible at worst. No matter how daunting this experience might feel, know that you don’t have to go it alone. To overcome the challenge of shopping for the best home loan, 95
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